Ethereum Price Analysis: ETH Consolidates Below $140 Resistance, a Breakout Likely

Key Highlights

• Ethereum is now in a tight range between $120 and $140
• Currently, the key levels remain unbroken

Ethereum (ETH) Current Statistics

• The current price: $138.05
• Market Capitalization: $15,233,939,691
• Trading Volume: $13,027,554,720
• Major Resistance Zones: $175, $200, $225
• Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis April 02

Yesterday, Ethereum (ETH) rebounded from a low of $129 to a high of $$137. The upward move fell short of the bullish momentum to break the $140 overhead resistance. The market has been in consolidation since March 12. Initially, Ether was confined within the levels of $100 and $140. On March 12, there was a partial breakout as price broke the overhead resistance but it slides into the price range.

The cryptocurrency is in a tight range between $120 and $140 and it is nearer to the resistance zone. This gives the bulls’ an advantage to push ETH above the overhead resistance. In the meantime, neither the bulls nor the bears have broken the $120 and $140 levels. On the upside, a break above $140, will catapult the coin to a high of $200.

There is a norm that says  “the longer the consolidation, the stronger will be the eventual breakout.”

ETH Technical Indicators Reading

At the moment, ETH is above 50% range of the daily stochastic. That means the coin is in a bullish momentum. Recently, the momentum has been conflicting because of the sideways moves of the coin. The direction of ETH will be put to test as the pair approaches the resistance line of the descending channel.

Conclusion

Ethereum is range-bound as it is in a tight range between $120 and $140. In a lower time frame, Ether is characterized by small body candlesticks like Doji and Spinning tops. It describes the indecision between bulls and bears about the direction of the coin. The EMAs are sloping horizontally describing the sideways moves.